On November 20, 2012, Jerry B. Lewin resigned
as a member of the board of directors (the “Board”) of EFT Holdings, Inc. (the “Company”), effective as
of that date. In addition to his duties as a director of the Company, Mr. Lewin was also a member of the audit committee of the
Board. A copy of Mr. Lewin’s resignation letter is attached to this Current Report on Form 8-K.

Mr. Lewin’s resignation
resulted from Mr. Lewin’s concern about the general status of the Company’s market, the lack of sales during the second
quarter of fiscal 2013, on which Mr. Lewin believed that management needed to be more focused and take a more sizeable role in
producing results, as well as several occasions in the past where management has not advised the Board on purchases made by the
Company prior to making such purchases. In addition, due to the impact of Hurricane Sandy on Mr. Lewin, he can no longer devote
the necessary time to directing the affairs of the Company in the way that it deserves. Thus, given the totality of the
Company’s current circumstances and the need for Mr. Lewin to devote a significant portion of his time at present to addressing
the effects of the hurricane, he has resigned from the Board.

Item 9.01

Financial Statements and Exhibits

Exhibit No.

Description

16.1

Letter of Jerry B. Lewin, dated November 20, 2012.

2

SIGNATURES

Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.

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